Armenian court rules to declare ex-foreign minister’s son bankrupt and impose attachment on his property

Judge Arsen Babayan of the Bankruptcy Court has ruled to declare ex-foreign minister, ex-MP Vartan Oskanian’s son bankrupt, as reported by the Judicial Information System.

The court has granted the application of Armenia’s Ardshinbank CJSC against Ara Oskanian on the demand to declare him bankrupt.

According Ardshinbank CJSC, the debtor failed to faithfully fulfill his obligations assumed under the loan agreement, as a result of which the bank submitted a notice for confiscation, but the debtor failed to fulfill the obligations again.

The court also imposed attachment on the property belonging to Ara Oskanian by right of ownership, except for the property that can’t be confiscated by law.

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